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REGISTERED NUMBER: 05085846 (England and Wales)












Financial Statements

For The Year Ended 31 May 2023

for

Spinikars Limited

Spinikars Limited (Registered number: 05085846)






Contents of the Financial Statements
For The Year Ended 31 May 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Spinikars Limited

Company Information
For The Year Ended 31 May 2023







DIRECTORS: Mrs J R Gregory Marks
S M Marks





SECRETARY: Mrs J R Gregory Marks





REGISTERED OFFICE: The White Swan
Church Street
Rothwell
Leeds
West Yorkshire
LS26 0QL





REGISTERED NUMBER: 05085846 (England and Wales)





ACCOUNTANTS: Bushells
6 Victoria Avenue
Harrogate
North Yorkshire
HG1 1ED

Spinikars Limited (Registered number: 05085846)

Abridged Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 93,005 106,466

CURRENT ASSETS
Stocks 9,642 9,642
Debtors 71,486 64,894
Cash at bank and in hand 312,857 411,798
393,985 486,334
CREDITORS
Amounts falling due within one year 113,675 160,366
NET CURRENT ASSETS 280,310 325,968
TOTAL ASSETS LESS CURRENT
LIABILITIES

373,315

432,434

CREDITORS
Amounts falling due after more than one
year

5

(21,590

)

(31,570

)

PROVISIONS FOR LIABILITIES (22,863 ) (26,143 )
NET ASSETS 328,862 374,721

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 328,762 374,621
SHAREHOLDERS' FUNDS 328,862 374,721

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Spinikars Limited (Registered number: 05085846)

Abridged Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2024 and were signed on its behalf by:





Mrs J R Gregory Marks - Director


Spinikars Limited (Registered number: 05085846)

Notes to the Financial Statements
For The Year Ended 31 May 2023

1. STATUTORY INFORMATION

Spinikars Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its economic useful life.

Fixtures and equipment - 15% reducing balance

Plant and machinery - 15% reducing balance

The long leasehold expenditure is written off, on the straight line basis, over the 15 year period of the lease.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Spinikars Limited (Registered number: 05085846)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Government grants
Capital grants and other contributions received towards the cost of tangible fixed assets are included in creditors as deferred income and credited to the profit and loss account over the life of the asset. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate. Revenue grants which do not relate to specific expenditure are recognised on receipt.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 25 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2022 364,053
Additions 2,953
At 31 May 2023 367,006
DEPRECIATION
At 1 June 2022 257,587
Charge for year 16,414
At 31 May 2023 274,001
NET BOOK VALUE
At 31 May 2023 93,005
At 31 May 2022 106,466

Spinikars Limited (Registered number: 05085846)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2023

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS
2023 2022
£    £   
Repayable by instalments
Bank loans more than 5 years - 903

6. OTHER FINANCIAL COMMITMENTS

The company had outstanding commitments in respect of operating leases as at 31 May 2023 of £29,289 (2022 £27,522).

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
Mrs J R Gregory Marks
Balance outstanding at start of year 47,744 26,076
Amounts advanced 55,521 61,668
Amounts repaid (48,000 ) (40,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 55,265 47,744

The advances do not attract any interest and there are no repayment terms.